House’s Long-Awaited Republican Tax Plan Delayed

House Republicans have delayed unveiling their proposed overhaul of the U.S. tax code, which was originally expected Wednesday.

GOP leaders said they would miss their self-imposed Wednesday deadline because of continued negotiations over key provisions in the bill. Now, the legislation is expected Thursday.

"In consultation with President Trump and our leadership team, we have decided to release the bill text on Thursday," Rep. Kevin Brady, the chairman of the House Ways and Means Committee, said in a statement. "We are pleased with the progress we are making and we remain on schedule to take action and approve a bill at our committee beginning next week."

One of the things still under review is the bill's name. ABC News reported Wednesday that President Donald Trump wants to call it "The Cut Cut Cut Act."

The Ways and Means Committee will have final say over the bill's name. Whatever it's called, House Republicans hope to complete work on the legislation by Thanksgiving and advance it to the Senate.

"I want the House to pass a bill by Thanksgiving. I want all the people standing by my side when we sign by Christmas, hopefully before Christmas," Trump said Tuesday, promising the signing ceremony will "be the biggest tax event in the history of our country."

Sources told The Washington Post the top rate of 39.6 percent will remain for individuals. Trump has promised that his tax cuts would not primarily benefit the wealthy.

In a September speech in Indianapolis, Trump unveiled a proposal that would condense seven personal tax brackets to three, slash the corporate tax rate and set the single-filer standard deduction at $12,000.

House of Representatives narrowly passed the 2018 budget resolution last week -- 216-212 -- in preparation of moving toward approving budget reform. The budget will allow Republicans to pass a tax overhaul that adds up to $1.5 trillion to the deficit.

Concerns are two ways to pay for tax cuts: retirement savings accounts and the state and local tax deduction.

Some Republicans representing high-tax states, including New York and California, have threatened to halt the advancement of the bill because the plan calls for the total eradication of tax deduction.

Another possibility is changes in the mortgage interest deduction.

The National Association of Home Builders wants to replace the mortgage-interest deduction with a tax credit offering the same incentive.

On Sunday, the NAHB came out in opposition to the bill.

Jerry Howard, the CEO of the group, told The Wall Street Journal that the plan was a "bad bill for the housing sector" and that the group would "not be for it."

Trump posted on Twitter on Wednesdsay that tax savings can come by repealing and replacing the Affordable Care Act.

"Wouldn't it be great to Repeal the very unfair and unpopular Individual Mandate in ObamaCare and use those savings for further Tax Cuts for the Middle Class," he tweeted Wednesday.